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The Difference between Shariah Compliance and Shariah Based Products and Services
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ALL ABOUT ISLAMIC BANKING AND FINANCE, ISLAMIC CAPITAL MARKETS, TAKAFUL, SHARIAH AUDITING, ACCOUNTING FOR ISLAMIC FINANCIAL TRANSACTIONS, TAXATION & ZAKAT
Shariah is defined as Islamic law or Law of
Allah. It shows one of many ways that humanity strives
to harmonize and maintain internal and external belief systems in an holistic
approach to life. Hence Shariah covers not only religious
rituals, but also many aspects of day-to-day life, politics, economics,
banking, business or contract law, and social issues.
The authority of Shariah is drawn from two primary
sources. The first major source is the specific guidance in the Holy Quran, and
the second source is the Sunnah, literally the “Way,” as in the way
that Prophet Muhammad (pbuh) lived his life. Shariah law can
be broadly divided into two main sections; the acts of worship or known
as al-ibadat and the human interaction or known as al-mu’amalat which
includes financial transactions, endowments, laws of inheritance, foods and
drinks, judicial matters and others. Shariah based products
and services are the products and services that straightly derived from the
primary sources of Islamic laws such as the Qard’ al-hassan (benevolent
loan). Shariah based products and services are said to be
originated during Prophet’s period. These products and services have undergone
the process of cleansing where any prohibited elements were removed by Prophet
Muhammad (pbuh) such as al-bay’ (trade), mudarabah (profit
sharing), musyarakah (joint venture, profit and loss
sharing), murabahah (cost plus), and Ijarah (leasing).
On the other hand, Shariah compliance products and services are the products and services that comply or adhere to the requirements to the Shariah itself. The good example would be the Sukuk (Islamic bond) that is invented from the application of rules from the Shariah based products. Therefore, it is permissible and complies to the requirements of Shariah. Shariah compliance products and services are also can be said as the modern day products and services after Islamisation of it.
Shariah based also refers to the desired objectives of the Shariah (known as the maqasid shariah) when determining a hukm (rules) aimed at the protecting human maslahah (public interest). Thus, Shariah based products and services like mudarabah are aimed to encourage the entrepreneurship among public and to maintain risk-reward relationships in a just manner. The mudarabah doctrine also implies to recognise same and equal ability to undertake responsibility and to have full authority to act on behalf of the other and are jointly and severally liable for the liabilities of the partnership business. However, the Shariah compliance products and services focusing on what it is needed to make the products and services provided in line with the permissibility in Islam. Therefore, the products and services must not have any elements of riba (usury), maisir (gambling), gharar (excessive uncertainties), excessive speculations, haram (impermissible elements like pork) and others.
Shariah based products and services are also the products from the full-fledged Islamic financial institutions or banks. However, for the Islamic products and services provided by the conventional banks through Islamic windows are known as the Shariah compliance products and services.
